Investors Could Be Concerned With AviChina Industry & Technology's (HKG:2357) Returns On Capital
Investors Could Be Concerned With AviChina Industry & Technology's (HKG:2357) Returns On Capital
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. However, after investigating AviChina Industry & Technology (HKG:2357), we don't think it's current trends fit the mold of a multi-bagger.
要找到一只多袋股票，我们应该在企业中寻找哪些潜在趋势？首先，我们希望看到一个经过验证的 返回 关于正在增加的资本使用率（ROCE），其次是扩大 基础 所用资本的比例。基本上，这意味着公司拥有可以继续进行再投资的盈利计划，这是复合机器的特征。但是，在调查了中航工业与科技（HKG: 2357）之后，我们认为目前的趋势不符合多袋机的模式。
What Is Return On Capital Employed (ROCE)?
什么是资本使用回报率（ROCE）？
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for AviChina Industry & Technology, this is the formula:
对于那些不知道的人来说，ROCE是衡量公司年度税前利润（其回报率）的指标，相对于该业务使用的资本。要计算中航工业与科技的这一指标，公式如下：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率 = 息税前收益（EBIT）÷（总资产-流动负债）
0.054 = CN¥5.0b ÷ (CN¥178b - CN¥84b) (Based on the trailing twelve months to June 2023).
0.054 = 5.0亿元人民币 ÷（178亿元人民币-84亿元人民币） （基于截至 2023 年 6 月的过去十二个月）。
Thus, AviChina Industry & Technology has an ROCE of 5.4%. In absolute terms, that's a low return but it's around the Aerospace & Defense industry average of 6.3%.
因此，中航工业与科技的投资回报率为5.4％。从绝对值来看，回报率很低，但约为航空航天和国防行业的平均水平6.3％。
Check out our latest analysis for AviChina Industry & Technology
查看我们对中航工业与科技的最新分析
In the above chart we have measured AviChina Industry & Technology's prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.
在上图中，我们将中航工业与科技先前的投资回报率与之前的表现进行了对比，但可以说，未来更为重要。如果您有兴趣，可以在我们关于公司分析师预测的免费报告中查看分析师的预测。
What Can We Tell From AviChina Industry & Technology's ROCE Trend?
我们可以从中航工业与科技的ROCE趋势中得出什么？
The trend of ROCE doesn't look fantastic because it's fallen from 6.7% five years ago, while the business's capital employed increased by 136%. Usually this isn't ideal, but given AviChina Industry & Technology conducted a capital raising before their most recent earnings announcement, that would've likely contributed, at least partially, to the increased capital employed figure. It's unlikely that all of the funds raised have been put to work yet, so as a consequence AviChina Industry & Technology might not have received a full period of earnings contribution from it. Also, we found that by looking at the company's latest EBIT, the figure is within 10% of the previous year's EBIT so you can basically assign the ROCE drop primarily to that capital raise.
ROCE的趋势看起来并不理想，因为它从五年前的6.7％下降了，而该企业的使用资本增长了136％。通常，这并不理想，但鉴于中航工业与科技在发布最新财报之前进行了融资，这可能至少部分地促进了已动用资本数字的增加。目前筹集的所有资金不太可能全部投入使用，因此，中航工业与科技可能尚未从中获得整段时间的收益捐款。此外，我们还发现，通过查看该公司最新的息税前利润，该数字在去年息税前利润的10％以内，因此您基本上可以将投资回报率下降主要归因于该次融资。
On a separate but related note, it's important to know that AviChina Industry & Technology has a current liabilities to total assets ratio of 47%, which we'd consider pretty high. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. Ideally we'd like to see this reduce as that would mean fewer obligations bearing risks.
另一方面，重要的是要知道中航工业与科技的流动负债与总资产的比率为47％，我们认为这个比率相当高。这实际上意味着供应商（或短期债权人）正在为业务的很大一部分提供资金，因此请注意，这可能会带来一些风险因素。理想情况下，我们希望看到这种情况减少，因为这意味着承担风险的债务减少。
The Key Takeaway
关键要点
Bringing it all together, while we're somewhat encouraged by AviChina Industry & Technology's reinvestment in its own business, we're aware that returns are shrinking. And investors appear hesitant that the trends will pick up because the stock has fallen 29% in the last five years. Therefore based on the analysis done in this article, we don't think AviChina Industry & Technology has the makings of a multi-bagger.
综上所述，尽管中航工业与科技对自有业务的再投资使我们感到有些鼓舞，但我们意识到回报正在萎缩。投资者似乎对趋势的回升犹豫不决，因为该股在过去五年中下跌了29％。因此，根据本文中的分析，我们认为中航工业与科技不具备多袋机的优势。
AviChina Industry & Technology does have some risks though, and we've spotted 1 warning sign for AviChina Industry & Technology that you might be interested in.
但是，中航工业与科技确实存在一些风险，我们已经发现了一个你可能会感兴趣的中航工业与技术警告信号。
While AviChina Industry & Technology may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
尽管AviChina工业与技术公司目前可能无法获得最高的回报，但我们编制了一份目前股本回报率超过25％的公司清单。在这里查看这个免费清单。
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Simply Wall St 的这篇文章本质上是笼统的。我们仅使用公正的方法提供基于历史数据和分析师预测的评论，我们的文章并非旨在提供财务建议。它不构成买入或卖出任何股票的建议，也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意，我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。